A variety of industrial components or industrial tools are typically employed to perform a variety of engineering operations such as cutting, pressing, punching, forming, blanking, shearing, and so forth. An expected shelf life of the component is a number of usage cycles the component can sustain before the component fails and is generally known. However, the industrial components may develop certain defects or deformities with usage over time or for various other reasons (e.g., mishandling, usage conditions, etc.). These defects may result in a failure of the industrial component before its expected shelf life which in turn may result in sudden disruption in the industrial processes and a drop in production efficiency (e.g., drop in production output, longer production cycle, etc.). It is therefore important to carry out an accurate monitoring and dynamic determination of the shelf life of such industrial component so that necessary alterations in the planning are made to compensate for the reduction in the balance life of the component.
However, shelf life characteristics of an industrial component or a tool that directly or indirectly produces a product are complex as they involve not only determining remaining shelf life of the industrial component but also tracking of its co-ordinates. Typically, the shelf life of the industrial component and its coordinates are monitored manually and is a challenge due to complexity of the business processes. Although, various devices may be employed for detecting defects or deformities, but the process of correlating and determination of the remaining shelf life is generally a manual procedure. As such, the process involves effort to manually record information in real-time and is therefore complicated, tedious, prone to manual errors, and time consuming. Existing techniques therefore do not provide an effective way of determining shelf life characteristics.